Business Accounts

Brooklyn Coop’s account services for businesses are flexible and affordable. We can open accounts for a wide variety of businesses. Our online as well as teller account services help you manage your account in the way that works best for you.

Essential Savings Account

With no monthly fee, a business just starting out or a nonprofit association can utilize a variety of free services such as online banking, ACH transactions (up to 6 free per month), bulk cash deposits, and receipt of wire transfers.

Additional services such as origination of domestic or international wire transfers, money order, cashiers checks, etc… are also available (click here for a list of account services and their fees).

Business Checking to Suit Your Needs

ATM Only Business Checking

For business members who which to utilize online bill payments, physical checks and/or access to an ATM card, the ATM Only Business Checking account may be the right fit.  An ATM-only card is available for members that wish to make check deposits into their account using our ATM machines or to make cash withdrawals. There is a $15 monthly fee, which is waived with a minimum balance of $5,000.  With this account, members can also utilize Brooklyn Coop’s free online bill pay system which allows for business payments as well as person-to-person transfers.

Unlimited Business Checking

Businesses that need a debit card to make purchases may opt for the Unlimited Business Checking account. There are no limits or fees for ACH transactions and unlimited free ATM withdrawals.  There is a flat $25 monthly fee, which is waived if a minimum average balance of $15,000 is held in the account or a member qualifies for a business loan.

Minimum Required Documents To Open a Business Account

To begin, all signers on the account must be present when the account is opened. Each signer must bring in a government-issued photo ID and proof of their social security number or ITIN letter. Depending on the type of business, please bring in the following documents in addition to the the $25 membership fee and $5 minimum savings deposit.

Corporation (including Nonprofit Corporations)
  • Articles of Incorporation or Certificate of Incorporation
  • Corporate Resolution letter identifying authorized signers, signed by primary owners/managers if the authorized signers’ names are not listed on Articles of Incorporation or Certificate of Incorporation. *signatures of owners/partners with 20%+ ownership not present must be notarized
  • Certificate of Good Standing if the Certificate of Incorporation is over 10 years old
  • IRS issued EIN letter
  • A piece of mail as proof of address
  • Beneficial owners or managing members not on the account must provide copies of passport and piece of mail as proof of address. (in lieu of a passport: a copy of a Social Security card and government issued photo id, or copies of two government issued photo ids)
LLC
  • Articles of Organization
  • Resolution of Authority or Operating Agreement authorizing the opening of an account, signed by the primary organization members/managers, if officers names are not listed on Articles of Organization or Certificate of Formation. *signatures of owners/partners with 20%+ ownership not present must be notarized.
  • IRS Issued EIN Letter
  • A piece of mail as proof of address
  • Beneficial owners or managing members not on the account must provide copies of passport and piece of mail as proof of address. (in lieu of a passport: a copy of a Social Security card and government issued photo id, or copies of two government issued photo ids)
Partnership
  • Partnership Resolution authorizing the opening of an account, listing the signers on the account and signed by the partners
  • Partnership Agreement
  • Partnership Certificate – issued by county in which the business operates
  • Partnership Resolution, *signatures of partners with 20%+ ownership not present must be notarized
  • IRS issued EIN letter
  • A piece of mail as proof of address
  • Beneficial owners or managing members not on the account must provide copies of passport and piece of mail as proof of address. (in lieu of a passport: a copy of a Social Security card and government issued photo id, or copies of two government issued photo ids)
Sole Proprietor
  • Copy of proprietor’s Assumed Name or D/B/A papers
  • IRS issued EIN
  • A piece of mail as proof of address
Association
  • Organization Resolution: a letter authorizing the opening of an account, listing the signers of the account, and signed by the governing member(s). *signatures of managing members not present must be notarized
  • An IRS issued EIN number
  • Government Issued Photo ID and Social Security card or ITIN letter for all signers on the account
  • A piece of mail as proof of address
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